The initial public offer of Saraswati Saree Depot, a key player in the sarees wholesale segment, was subscribed more than four times on the first day of subscription on Monday.
The Rs 160-crore initial share sale received bids for 4,37,44,950 shares against 1,00,00,800 shares on offer, translating into an oversubscription of 4.37 times, according to NSE data.
The quota for non-institutional investors fetched 12.62 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 5.39 times. The qualified Institutional Buyers (QIBs) portion received 1.19 times subscription.
The Initial Public Offer (IPO) has a fresh issue of up to 64,99,800 equity shares and an offer for sale of up to 35,01,000 equity shares.
The price range for the offer is Rs 152-160 per share.
The initial share sale will conclude on August 14.
The company proposes to utilise the net proceeds from the fresh issue towards funding working capital requirements and general corporate …
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